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The price of Ether is consolidating losses with bullish moves against the US dollar and bitcoin. The ETH / USD may decline again once the current fix is completed.
Key points
Ether has corrected higher, but has faced sellers close to $ 98.00-100.00 compared to the US dollar.
A crucial resistance was formed near $ 100.00-102.00 on the 6-hour chart of Eth / USD.
ETH / BTC is currently consolidating losses above the 0.0250BTC support level.
Technically, the hourly graphic indicators are back in the bearish territory.
Price analysis of the ether
After a sharp decline, ETH / USD found support near the $ 82.00 level. The pair started a bullish correction above the $ 90.00 level, but the sellers prevented gains beyond the resistance zone $ 98.00-100.00.
ETH / BTC also started an upward correction after testing 0.0250BTC support. On the positive side, an initial resistance is 0.0275BTC (the previous support), above which the torque could test the resistance of 0.0280BTC.
Looking at the ETH / USD time table, the pair formed a decent support near the $ 82.00 level and subsequently started an upward correction. The price rose above the $ 90.00 level and the Fibonacci retracement level of 23.6% of the slide from $ 126.00 swing to $ 82.37 low.
However, the upward move was limited by the $ 98.00 level, a downtrend link trend line and the Fibonacci retracement level of 38.2 percent of the slide. The ether failed to overcome the resistance zone of $ 98.00-100.00 and started a new decline.
The price has dropped below $ 95.00 and is currently consolidating near $ 88.00. An initial downside support stands at $ 85.00, below which the price is likely to revise the minimum of $ 82.00 in the short term.
For the top, the first resistance is close to $ 95.00, above which the price of Ether could retest the $ 98.00 level. The most important resistance is close to $ 102.00 and a crucial trendline bearish on the 6-hour chart of Eth / USD.
Overall, the current technical training on the 6-hour chart is super-bearish unless the Ether buyers gain momentum and push the price above $ 100.00 and $ 102.00. Otherwise the price could go down to $ 82.00, $ 80.00 or even $ 75.00.
Important resistance levels
$ 95.00 and $ 98.00
Important support levels
$ 82.00 and $ 80.00
RSI timetable
The RSI is slowly declining towards level 30.
MACD time
The MACD is back in the bearish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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